The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1887-06-04
THE NEW GAS ENTERPRISE
The Capital Stock of the Newly-Formed
Company To Be Fixed at 100000.
Secretary Root Says the Consolidated Corpo-
ration Will Have No Trouble in Get
ting All the Money 1t Needs.

gentleman who has given aid to the scheme
of consolidating the fuel-sas interests of the
Manufacturers and Indianapolis Natural-gas
Company into corporation, said yesterday:
II am afraid it will not amountto anything. The
money is here to support the enterprise. but they
do not go at it in the right way. What is to be
done ought to be done quickly. At Thursday
nights meeting every one of the forty fifty
there should have subscribed at once The work
ought to have been carried out when every body
appear ed to be in the proper mood. It looks now
as IL we are not to have gas. have a suspicion
that the coal men are working against
it. may be wrong. but you know it is to the
interest of the coal men TO have gas kept out.
Two or three identified with naturalgas
companies. They all right They go into
natural gas to make good what they would lose
by shrinkage of trade in coal. But fear the
influence of others is directly opposite. 1t was
also suggested that the Standard Oil Trust had
representatives in the meeting, but this is denied
by men prominent in the consolidation.
Ore of these, George r. Root. said that the
new company is yet to be formed. It will have
$500. 900 capital. The ,$200, 900 talked about at
the meet ing was only condition Of the agree
ment. That sum has to be raised before the
consolidation can take place. "Win you have
any trouble il securing the money! was asked
mo" replied Mr. Root "In that meeting the
expression strong that there is enough
money here to carry out the enterprise. We
have got it right among ourselves and can handle
it for the completion of pipeline system. I
belong to the Indianapolis Natural-gas Com
pany, you know. Under the management
/ have already received assurances of 1925. 900
in subscriptions Three men, before went to
he m inO tn16 RI thar
5000 each. The manufacturers representa- ted by
Mr.. Atkins had $4,000 subscribed. He said he
could double that amount you see there IS
no danger but that the conditioned 5000. 900 sub
scription will be raised, after which we per-
feet the new company. We are waiting to see
what the manufacturers will do but there is
fear but that the amount they said they could
raise will be obtained
You will organize under the articles of the
Indianapolis Natural-eas CompanyY
Eyes. The only change will be in the name
Our organization is the only one that can have
moro than 500, 900 capital without involving a
strong legal doubt. The last Legislature passed
an act which limits the stock of natural-eas com;
panies to 100000 For more than this a stock
holder in company organized since the
passage of that law would be individually
sSs fs OF she full I. !. 50 of urs sss
and lawyers express much doubt in regard to
1t that it would probably lead to a settlement of
the question by the Supreme Court to the
constitutionality of the act, If the right of any
company, organized since the law passed. to
carry more than 800, 600 capital should be ques-
toned. We have no fear of any snit Of that
kind Our organization was perfected before
the law enacted. Thus the only
company that can operate without the danger of
legal complications on more than 800. 900 cap
ital Tho now law affects the company organ
lied by the Standard Oil Trust The represent
atives of that trust to meet the citizens to-
night They want an open ordinance We are
not particular about that"
DThe meeting held at the parlors of the Denison
House on last Saturday evening was adjourned
TO meet this evening at the same place. Repre-
sentatives of the panies invited to be present
will be on hand. 1t is suggested that if Indian
apos IS to have natural gas it is important that
all the gentlemen at the first meeting attend this
evening. ~,.-..